On 12 November 2013, the philanthropists Boris and Ināra Teterev and Latvian Academy of Sciences’ President Ojārs Spārītis reached an agreement on the provision of support to the Latvian Academy of Sciences (LAS) to recognise outstanding in science that benefit Latvian society and the nation as a whole.

Under the auspices of this support, the Foundation will provide support for the Latvian Academy of Sciences Grand Medal, which is the highest award awarded to Latvian and overseas scientists for outstanding creative achievements. Candidates can be nominated to receive the award by the LAS full members, honourable and overseas members, as well as LAS departments. The decision to confer the award is made by the LAS Senate. The LAS Grand Medal has been awarded since 1993. 

Every autumn, two Grand Medals are awarded - one to a Latvian scientist and the other to an overseas scientist with links to Latvia. Recipients of the award receive the cast bronze Grand Medal and a cash prize of EUR 10,000 (post-tax), which are funded by the Boris and Ināra Teterev Foundation.

At a general meeting of the LAS on 27 November 2014, the Grand Medal and first two cash prizes were awarded to literary scientist and academic Dr. habil. philol. Viktors Ivbulis for his outstanding contribution to Indology (Dr. habil. theol. Leons Taivans’ laudatio text [2] (in Latvian)) and LAS overseas member Dr. habil. chem. Regīna Žuka for her important contribution to the development of the anti-cancer drug Ftorafur (academic Jānis Stradiņš’ laudatio text [3] (in Latvian)).